ISPFCU

ISPFCU held its 2013 Annual Meeting Friday, June 28, 2013 at the Northfield Inn in Springfield, Illinois. Members in attendance were informed of the current financial state of the institution by the officials and management staff of the Credit Union.

Chairman Jim Aggertt reported on the tremendous volunteer base the Credit Union enjoys and the excellent cooperation and communication between those volunteers and the staff. Treasurer Terry Zeisset reported on the financial results from 2012 and stressed that although it was a challenging year ISPFCU remains financially strong and will remain that way into the future. Chief Executive Officer Megan Becker gave detailed information in regards to the challenges the organization faced as well as an overview of key growth and statistical information from 2012. Chairman of the Election Committee Diane Grottola presented the 2013 election results.

Preceding the conclusion of the Annual Meeting officials and management staff held an open forum where they addressed questions and comments from the members in attendance. Questions included:

  • Member mentioned the assistance provided by CU staff in regards to separation of business and personal accounts.
  • Member inquired about the percent of loan losses due to the mortgage bubble. Staff responded that the losses directly attributable to this event was very low due to our consistent, conservative loan underwriting.
  • Member asked the percentage of Illinois State Police members versus non-ISP members. Staff responded that we maintain a high percentage of ISP members in relationship to our other member segments.
  • Member asked if any non-Law Enforcement individuals were eligible to join the CU. Staff responded that our membership eligibility is limited to Law Enforcement employees within the state of Illinois and their families.
  • Member inquired about farm loans. Staff responded that we currently don’t offer these types of loans. However, we will continue to monitor the possibility of adding these types of products if beneficial to our membership.

After the conclusion of the open forum the members in attendance joined the officials and management staff for lunch and a raffle drawing.